MG Developer and Baron Property Group, in partnership with Township Capital, have secured a $148 million construction loan from Post Road Group for Metro Parc, a 10-story, two-tower apartment rental property located at 955 East 25th Street and 980 East 26th Street in Hialeah, Florida. Ayush Kapahi of HKS Real Estate Advisors procured the 30-month loan and Managing Director Dmitry Levkov and Executive Director Jeffrey Donelly of Colliers International’s Structured Finance Group arranged the financing.
Metro Parc is a 2.5-acre residential mixed-use development that will rise 10-stories and deliver 559 rental apartments ranging from 500 to 800 square feet. When completed it will be the tallest building in Hialeah. The property’s amenities will include co-working spaces, an outdoor kitchen, a pool, and gym as well as ground-level retail spaces, parking, and a Latin-inspired food marketplace. Construction for the community will commence in December 2022 and is expected to be completed in the second quarter of 2024.
“We are excited to partner with Baron Property Group and Post Road Group to bring Metro Parc to life. This project will mark the first of more to come for us in Hialeah and we are thrilled about the future we have planned in the City of Progress,” said Alirio Torrealba, CEO and Founder of MG Developer. “We are grateful to Baron Property Group, well-recognized for its more than two decades of experience in multifamily housing, for trusting in us to continue expanding their multifamily housing portfolio in this region.”
MG Developer’s acquisition of Metro Parc, its first multifamily project, in the fourth quarter of 2021 kick-started the company’s multifamily rental buildings division and long-term partnership with New York-based development company Baron Property Group.
“MG Developer has earned a stellar reputation for elevating communities, and that is exactly what we look forward to continue doing as we grow deeper into our partnership and build more impressive projects throughout South Florida,” added Matthew Baron, President and Founder of Baron Property Group.
“We believe Metro Parc is well-positioned to capture leasing demand in the bourgeoning Hialeah area and we are pleased to deliver a single-source, balance sheet financing solution to MG Developer and Baron Property Group,” added, Jason Carney, partner of Post Road Group. “This transaction aligns with Post Road’s investment strategy of financing strong developers seeking to establish cost-effective housing options in growth markets across the U.S and continues building our lending footprint in the Southeast.”
Metro Parc is conveniently located two blocks from the Metrorail and Tri-Rail Transfer Station, bringing a new chic urban lifestyle to the transient-oriented community. The site is also walking distance to Hialeah Medical Services and only a mile from Hialeah’s Arts District, which will soon become home to a vibrant cultural and entertainment scene featuring galleries, breweries, restaurants, shops and the expansive Amelia Earhart Park.
“We anchored our future in Hialeah with Metro Parc, and now we are committed to its growth and setting an enhanced standard of living while reimagining an entirely new community in Hialeah,” concluded Torrealba.
In addition to Metro Parc, this past August, MG Developer unveiled a new showroom for Gables Village, a luxurious 48-residence community in Coral Gables, spread amongst an expansive 17-lot area bordered by Malaga Avenue, Santander Avenue, Segovia Street and Hernando Street. Gables Village will include townhomes, duplexes, lofts, flats that range size, from 1,750 to 3,100 square feet. The company also recently completed development of Althea Row, which nearly sold-out in less than 90 days. It expects to soon complete development of its Biltmore Square community with Biltmore Row, a stunning row of 10 exclusive townhomes featuring a total of 5,561 square feet each with classical design elements found in Spanish colonial architecture.
These development projects build upon MG Developer’s recently announced acquisitions of Merrick Parc and Alhambra Parc, developments that will, when constructed, consist of 450-luxury rental units in Miami and a mixed-use apartment community with ground-floor retail in Coral Gables, respectively.
